From The Money Game:

Last week, Nouriel Roubini was slightly bullish, predicting a global recovery by the end of the year -- with plenty of caveats. But today, with the markets down, the recession-caller and NYU economist is back to his signature pessimism:

Roubini/RGE: Today, 20 months into the US recession—a recession that became global in the summer of 2008 with a massive recoupling—the V-shaped decoupling view is out the window. This is the worst US and global recession in 60 years. If the US recession were—as is most likely—to be over at the end of the year, it will have been three times as long and about fives times as deep—in terms of the cumulative decline in output—as the previous two.

Today's consensus among economists is that the recession is already over, that the US and global economy will rapidly return to growth and that there is no risk of a relapse. Unfortunately, this new consensus could be as wrong now as the defenders of the V-shaped scenario were for the past three years.

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